Mobile Money Slowly Turning East Africa into Cashless Society
“In an analysis of the national payment systems in the region, the value of transactions done through cheque and other debit and credit instruments is far larger than the payments through credit cards.
In Uganda, payment by real time gross settlement (RTGS), which allows for funds in accounts in two different banks to be transferred in an hour or less, posted the highest value as a payment option with over Ush117.8 trillion ($50.4 billion) transacted through this method according to the latest figures from the Bank of Uganda in the 2010/2011 financial year. Electronic funds transfer came second with Ush8 trillion ($3.4 billion), cheque transactions had a value of Ush5 trillion ($2.1 billion) and mobile money transaction had a value of Ush300 billion ($127.8 million).”
(via theeastafrican.co.ke & @investedd)
